Our founders are pioneers in cyber risk and have been at the vanguard of developments in vulnerability analysis, incident response and cyber insurance for over two decades. So we have combined that expertise to build a new underwriting platform that is fresh, innovative and futuristic.
Our distribution partners will have access to a cost effective, fully automated plug and play cyber underwriting and claims service that optimises revenue. And our capital partners can trade securitised cyber risks more easily in an efficient fixed-income format through our innovative online exchange-based marketplace.
We provide our distribution partners with unique technology that combines our predictive underwriting with a platform that scans, rates, quotes, binds and collects premium within 90 seconds.
No application form and no warranty; underwriting is by URL-only.
We offer an integrated, fully automated plug and play service to our distribution partners that strips out cost and optimises operating margins.
The closed-end eco-system that Waratah has created incorporates exclusive distribution, inherently low acquisition costs, transparent exposure modelling, portfolio steering, pricing adequacy, data-led underwriting insight, dynamic risk selection, capacity optimisation and coverage design.
Underwriting should not be a benchmarking exercise. Utilising world-class research in vulnerability forecasting, ransomware and crypto-currency and malware family analysis, we combine that insight with data shared with global incident responders to optimise insight into new malware trends, cyberattacks, threat vectors and actors.
Cyber insurance underwriting should be proactive rather than reactive; protecting clients should be about helping to avoid disruption and outrages just as much as remediating an attack. We offer our predictive underwriting insights to our clients as part of our scan reports to help avoid business outage before it happens.
Cyber insurance should provide coverage that’s relevant and modern but that’s also transparent, concise and readable. We therefore design flexible coverage that talks to real and current exposures that starts from the premise of coverage that clients understand, rather than one complex game of snakes and ladders full of definitions, exclusions and insurance legal jargon.
If cyber underwriting can be automated using data, analytics and technology, why can’t claims? We know they can. Working with the world’s foremost group of digital forensic incident responders, our platform harnesses data and analytics that creates an automated claims triage service.
Cyber security technology is ubiquitous and yet not much of it is yet wrapped into a service offering to help protect our clients – or our capital. We have developed a proprietary “early warning system” claims system for our clients that predictively warns against malicious intrusions or potential cyberattacks.
Our risk and capital modelling is underpinned by research we generate in collaboration with our academic partners, regulators and vendors, enriched with new and improved data sources, data science and analytics. Because our approach is inherently probabilistic and is supported by our proprietary, peer-reviewed research, we can model our frequency and severity exposures with clarity and transparency.
Our modelling is underpinned by ransomware and vulnerability forecasting and malware analysis; cyber security modelling rather than more traditional actuarial stochastic models. Our coverage triggers are clear and transparent and are replicated right across the risk continuum to our exposure and aggregation modelling. will help drive more transparent capital modelling, assisting solvency with prudential regulators with capital modelling solutions.
Our acquisition costs, pricing, aggregation (by industry, technology, threat vector) and profitability are optimised at the point of underwriting which enables us to embed the same modelled triggers across to our securitised bonds. Thereby our capital partners can participate within our eco-system where underlying risk is sourced, modelled, underwritten and securitised consistently and transparently.
Waratah has helped create an exchange where quantified modelled cyber risk within rated ILS cyber bonds can be traded to create liquidity for effective risk arbitrage. Given our approach to modelling, cyber is convened as a short-tail class with clearly defined loss triggers. Cyber risk is redistributed within broader risk pools rather than at insurance “source” to dynamically optimise capacity and coverage design.
We enjoy the freedom and encouragement of our investors to confidently question the status quo and push the edges. We seek to close the gap between cyber security technology and research and cyber insurance. We dare to be different and explore bold insurance possibilities to create more innovative, fair and satisfying outcomes for our partners and clients.
To provide innovative risk transfer solutions and deliver excellent claims service to our clients by creating a sustainable business for the benefit of all our stakeholders.